In Canada, health care costs are mostly covered by public funds for all Canadians. This ensures that Canadian citizens, young and old, receive basic medical care from doctors and hospitals in their provinces. However, this isn’t always enough when it comes to certain medical procedures and treatments, and it often falls short in terms of things like mental health spending and elective surgeries. Because approximately 98% of Canadians are employed by small businesses with fewer than 100 employees, they are eligible to take part in their employers’ small business health care plans. In fact, as many as 75% of Canadians take part in their employers’ health insurance plans.
What do small business health care plans cover? These services often include group benefits for small business employees and give employees the ability to designate funds to their own health spending accounts. These two features are invaluable in allowing Canadians to access affordable care on their own terms.
Here is a breakdown in what employers and employees can expect from their small business health insurance benefits:
Group Benefits
Group benefits give employers the ability to determine which medical services are covered for their employees, and it offers them a rate that pays for some or all of those services. This can include additional services such as vision and dental coverage, which are common plans. These plans require employees to pay a premium for themselves and their family members in order to cover services, and this cost can be taken out of a paycheck. Because as many as 60% of business owners worry about the quality of health care plans and 72% are concerned about the cost per employee, these plans typically offer competitive rates and services tailored to employers’ needs.
Health Spending Accounts
Health spending accounts allow employees to allocate their 100% pre-taxed dollar into a personal account. This account gives employees the opportunity to pay for up to 100% out of pocket costs on health care services for themselves and their family members. Many employees like these plans because they allow them to choose which services they want to pay for.
Have more questions about small business health care plans? Be sure to speak with a plan administrator to find out about the costs for each employee and the services available. You can also leave a comment below with questions and suggestions. Read more like this: www.myrhsa.com
